Tim Scott Defends Fed Chair Powell, Asserts No Criminal Conduct During Testimony
Sen. Tim Scott, R-S.C., discusses crypto legislation, Kevin Warsh’s nomination to Fed chair amid the Jerome Powell probe and government funding on Mornings with Maria.
Senate Banking Committee Chair Tim Scott expressed his views on Federal Reserve Chair Jerome Powell during a recent appearance on FOX Business’ “Mornings with Maria.” He stated that he does not believe Powell committed a crime during his testimony last summer regarding the central bank’s costly renovation project.
Scott, a Republican from South Carolina, emphasized that while he has significant disagreements with Powell’s leadership and monetary policy decisions, he does not think Powell’s testimony was criminal. “As it relates to the DOJ investigation, I’ll tell you what I would tell a prosecutor if they came into my office. I was the one asking the questions, Jay Powell was responding to me,” Scott remarked. He added, “I believe that it’s time for a new Federal [Reserve] chair. Thank God almighty, we’re getting ready to get one.”
Scott further elaborated, stating, “I found him to be inept at doing his job, but ineptness or being incompetent is not a criminal act. I believe what he did was make a gross error in judgment; he was not prepared for that hearing. I do not believe that he committed a crime during the hearing.”
TRUMP SAYS HE WILL NOT DROP DOJ CRIMINAL PROBE INTO FED CHAIR JEROME POWELL
Senate Banking Chair Tim Scott, R-S.C., (left) said he doesn’t think Fed Chair Jerome Powell (right) committed any crime in his testimony last summer. (Andrew Caballero-Reynolds/AFP)
The Department of Justice has initiated a criminal inquiry to determine if Powell misled Congress during his testimony about the Federal Reserve’s headquarters renovation, which has exceeded its budget. This investigation coincides with efforts by President Donald Trump and his allies to pressure Powell and the Fed into lowering interest rates to stimulate the economy.
Powell has denied any wrongdoing, asserting that the investigation serves as a pretext for political influence over monetary policy decisions.
TRUMP’S FED PICK KEVIN WARSH FACES UNEXPECTED ROADBLOCK OVER ONGOING POWELL PROBE
Fed Chair Jerome Powell said the DOJ’s investigation is a pretext for pressuring the central bank’s monetary policy moves. (Kent Nishimura/Getty Images)
Sen. Thom Tillis, R-N.C., a key member of the Senate Banking Committee, has vowed to block any Federal Reserve nominations until the DOJ’s investigation of Powell concludes. He stated, “If there were any remaining doubt whether advisors within the Trump administration are actively pushing to end the independence of the Federal Reserve, there should now be none. It is now the independence and credibility of the Department of Justice that are in question.”
POWELL OFFERS ADVICE FOR NEXT FED CHAIR, ADDRESSES FUTURE AT CENTRAL BANK
Trump nominated Powell as Fed chair in 2017, but has repeatedly criticized his handling of monetary policy since he was confirmed to the role in 2018. (Olivier Douliery/Bloomberg/Getty Images)
Scott expressed optimism that the investigation into Powell will be resolved soon, paving the way for the nomination of former Fed Governor Kevin Warsh as the next chair of the central bank. Trump nominated Warsh for the position last week, but Tillis reiterated his stance that he will not consider any Fed nominees until the DOJ probe concludes.
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Scott concluded by stating, “I believe that we’re going to resolve that issue, we’re going to move forward and Thom Tillis will be voting for Kevin Warsh as the next chairman of the Federal Reserve. That’s my prediction.”
Sen. Tim Scott, R-S.C., discusses crypto legislation, Kevin Warsh’s nomination to Fed chair amid the Jerome Powell probe and government funding on Mornings with Maria.
Senate Banking Committee Chair Tim Scott expressed his views on Federal Reserve Chair Jerome Powell during a recent appearance on FOX Business’ “Mornings with Maria.” He stated that he does not believe Powell committed a crime during his testimony last summer regarding the central bank’s costly renovation project.
Scott, a Republican from South Carolina, emphasized that while he has significant disagreements with Powell’s leadership and monetary policy decisions, he does not think Powell’s testimony was criminal. “As it relates to the DOJ investigation, I’ll tell you what I would tell a prosecutor if they came into my office. I was the one asking the questions, Jay Powell was responding to me,” Scott remarked. He added, “I believe that it’s time for a new Federal [Reserve] chair. Thank God almighty, we’re getting ready to get one.”
Scott further elaborated, stating, “I found him to be inept at doing his job, but ineptness or being incompetent is not a criminal act. I believe what he did was make a gross error in judgment; he was not prepared for that hearing. I do not believe that he committed a crime during the hearing.”
TRUMP SAYS HE WILL NOT DROP DOJ CRIMINAL PROBE INTO FED CHAIR JEROME POWELL
Senate Banking Chair Tim Scott, R-S.C., (left) said he doesn’t think Fed Chair Jerome Powell (right) committed any crime in his testimony last summer. (Andrew Caballero-Reynolds/AFP)
The Department of Justice has initiated a criminal inquiry to determine if Powell misled Congress during his testimony about the Federal Reserve’s headquarters renovation, which has exceeded its budget. This investigation coincides with efforts by President Donald Trump and his allies to pressure Powell and the Fed into lowering interest rates to stimulate the economy.
Powell has denied any wrongdoing, asserting that the investigation serves as a pretext for political influence over monetary policy decisions.
TRUMP’S FED PICK KEVIN WARSH FACES UNEXPECTED ROADBLOCK OVER ONGOING POWELL PROBE
Fed Chair Jerome Powell said the DOJ’s investigation is a pretext for pressuring the central bank’s monetary policy moves. (Kent Nishimura/Getty Images)
Sen. Thom Tillis, R-N.C., a key member of the Senate Banking Committee, has vowed to block any Federal Reserve nominations until the DOJ’s investigation of Powell concludes. He stated, “If there were any remaining doubt whether advisors within the Trump administration are actively pushing to end the independence of the Federal Reserve, there should now be none. It is now the independence and credibility of the Department of Justice that are in question.”
POWELL OFFERS ADVICE FOR NEXT FED CHAIR, ADDRESSES FUTURE AT CENTRAL BANK
Trump nominated Powell as Fed chair in 2017, but has repeatedly criticized his handling of monetary policy since he was confirmed to the role in 2018. (Olivier Douliery/Bloomberg/Getty Images)
Scott expressed optimism that the investigation into Powell will be resolved soon, paving the way for the nomination of former Fed Governor Kevin Warsh as the next chair of the central bank. Trump nominated Warsh for the position last week, but Tillis reiterated his stance that he will not consider any Fed nominees until the DOJ probe concludes.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Scott concluded by stating, “I believe that we’re going to resolve that issue, we’re going to move forward and Thom Tillis will be voting for Kevin Warsh as the next chairman of the Federal Reserve. That’s my prediction.”
